A year ago, Graphic Packaging Corp. announced a merger with Altivity Packaging that promised to bring a diversified portfolio of paperboard and packaging products, expanded market reach, a fleet of modern factories spanning the globe and $4.4 billion in combined annual revenue.

The rationale then was that together, they could achieve cost-cutting measures and get the type of economic scale that would be difficult to get had they continued to go it alone.

"I am confident in our collective ability to achieve our original cost savings and growth objectives, to realize substantial merger synergies, and to better serve our customers and employees who represent the future of our new company," George Bayly, Altivity's then-chairman said at the time.

Post-merger, however, some investors may be longing for the past.

In the year after the merger created Marietta-based Graphic Packaging Holding Co., shares that were trading just under $6 at the time of the announcement have fallen more than 60 percent. That's roughly six times the 10 percent drop in total return on the broader Russell 2000 index.

Since January alone, Graphic Packaging shares have fallen nearly 40 percent.

One market research firm, Chicago-based Price Target Research, recently graded the company an F, its lowest.

A spokeswoman did not return telephone calls and did not respond to an e-mail request seeking comment Friday. But the company, which reported a first quarter loss of $23.3 million, or 10 cents, has made moves to cut costs according to a post merger plan that aims to shave $90 million in costs from the combined company by 2011.

On Thursday, it announced plans to sell two of its mills in Philadelphia and Wabash, Ind., to an affiliate of Sun Capital Partners.

The move to sell the two coated-recycled board mills fulfills a requirement set by the U.S. Justice Department as part of a consent decree overseeing Graphic Packaging's merger with Altivity. But it will cut the company's total annual production capacity in coated recycled paperboard to 855,000 tons and coated unbleached kraft paperboard to 1.3 million tons. It also announced the temporary shutdown of one of its paper machines in West Monroe, La., because of price spikes in crude oil.

On Wednesday, the company said it will raise prices of coated recycled board and uncoated recycled board by $50 per ton effective July 28 in response to rising energy costs. It also would set new freight allowances because of spikes in fuel surcharges.

Shares rose nearly 10 percent, or 19 cents Friday, to close at $2.28.